The Payment Systems Regulator (PSR) launched a consultation on draft directions to implement remedies designed to improve transparency and oversight of Mastercard and Visa card payment fees. The proposals follow its market review, which found the schemes do not face effective competition, with fees rising and businesses lacking clarity on the costs of accepting card payments. The draft directions would introduce an Information Transparency and Complexity remedy requiring schemes to provide acquirers with clear, actionable pricing information to support informed choices and competitive outcomes. A separate Pricing Governance remedy would set new standards intended to ensure pricing decisions are evidence-based, strengthening confidence in how fees are set and improving the PSR’s ability to oversee the market. In parallel, the PSR is developing regulatory financial reporting to obtain enhanced data to monitor and assess the UK financial performance and profitability of the schemes, with a separate consultation and draft direction planned for spring 2026. Following the consultations, the PSR expects to implement the remedies once it has considered stakeholder responses.

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